Paid Transfers Pricing Update FAQ
The rate for instant and same-day transfers from your Square balance to your bank account is 1.5% per transfer.
Why are you changing your instant and same-day transfers pricing?
We are committed to continuing to deliver accessible, easy to use tools that help sellers of all sizes start, run, and grow their business. Our focus is, and will always be, on how to provide the best possible experience for our sellers.
We now offer a variety of fast and free transfer options, so we felt the timing was right for this change. For example, if instant access is important to you, Square Card gives you access to your money right away—with no transfer fees. Learn more about Square Card.
If you don’t need instant access, our standard next-business-day transfers remain free, as always.
When does this rate change go into effect?
As of January 7, 2020 the rate for instant and same-day transfers from your Square balance to your bank account is changing to 1.5% per transfer. If you started using instant or same-day transfers before this date, this new fee will go into effect February 7, 2020.
Can I keep my current rate?
We aren’t able to keep the old instant/same-day transfer rate for any accounts.
How long do standard transfers take?
With standard next-day transfers, funds are usually transferred within 36 hours or 1-2 business days of a transaction, depending on the day of the week and ACH availability.